Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events in the blockchain industry this week.
Headline
▌Nvidia becomes the world's highest market value stock
Nvidia rose more than 3% during the day, with a total market value of 3.33 trillion US dollars, surpassing Microsoft and Apple to become the world's highest market value stock.
▌Ethereum EIP-7702 proposal faces challenges
The EIP-7702 proposal proposed by Ethereum co-founder Vitalik Buterin was included in the next upgrade "Pectra", but developers have not yet finalized the details. The proposal allows externally owned accounts (EOAs) to temporarily act as smart contracts in a single transaction, enhancing flexibility and security.
During the recent core developer meeting, the integration challenges and potential risks of EIP-7702 were discussed. The developers unanimously agreed to address these issues before the next meeting on July 4 to ensure its timely implementation into the development testnet. Ethereum's next major upgrade is expected to go live between November 2024 and early 2025.
▌The total market value of cryptocurrency exceeds $2.5 trillion
Data shows that the total market value of cryptocurrency has exceeded $2.5 trillion, currently at $2.568 trillion, with a 24-hour increase of 0.7% and a 24-hour trading volume of $45.7863 billion. Currently, BTC has a market share of 51.1% and ETH has a market share of 16.8%.
▌Rune market value falls below $1.9 billion
According to Geniidata data, Rune market value fell to $1.88 billion, a drop of 0.02%. Today, Rune's total transaction volume fell to $5.63 million, down 12.92% from yesterday. In addition, the unit price of Rune DOG•GO•TO•THE•MOON was $0.0073, and the daily trading volume fell to $741,600, and its market value fell to $711 million.
Policy
▌The Salvadoran government has proposed an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking industry. The banking law reform submitted to the National Assembly will allow private investors to form banks to provide Bitcoin and stablecoin services to mature investors.
If passed, the initiative would allow the creation of these banks that could offer different services, including economic risk management, purchase of financial products, investment management, hedging and other financial derivatives. These services would support any fiat currency in El Salvador, such as the U.S. dollar and Bitcoin. In addition, the bill explicitly supports stablecoin-based instruments, opening the door to crypto-based investment vehicles. Still, the requirements for establishing a private investment bank are high: these firms must have $50 million in capital at the time of incorporation.
In addition, these banks will not serve all Salvadorans, as their services will be focused on "professional investors." These individuals must prove that they have at least $250,000 in assets and pass a knowledge test for banks, or prove that they have $500,000 in assets.
▌Cumberland DRW Receives Virtual Currency License BitLicense from New York Department of Financial Services
Digital asset trader and liquidity provider Cumberland DRW said on Monday that the New York State Department of Financial Services (NYDFS) granted its New York entity a virtual currency license, known as a BitLicense.
▌Opinion: Biden's move to nominate two CFTC commissioners could affect the agency's cryptocurrency policy
Investment bank TD Cowen said President Biden's move to nominate two U.S. Commodity Futures Trading Commission (CFTC) commissioners could affect the agency's future approach to cryptocurrencies.
Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson to serve as Assistant Secretary for Financial Institutions at the Treasury Department. Both commissioners pushed the agency to introduce rules or guidelines to protect consumers and address conflicts of interest in cryptocurrencies.
If Romero and Johnson take up their new positions, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, and the Republicans will have a majority.
Given the change, the Biden administration will quickly fill the two vacancies, TD Cowen said in a report on Monday. However, replacements may not be confirmed until the fall.
▌Spot Ethereum ETF issuers are responding to comments from the US SEC and are expected to submit responses this week
Potential spot Ethereum ETF issuers are responding to comments on the S-1 form received from the US Securities and Exchange Commission (SEC) last week, and plan to submit responses by Friday this week. Sources described the comments as "minor" and "reasonable" and expected to be approved soon. In May, after the issuer's 19b-4 form was approved, they submitted a preliminary draft of the S-1 form, but it took the SEC two weeks to provide feedback. Eric Balchunas, senior ETF analyst at Bloomberg, expects the product to go live in early July. SEC Chairman Gary Gensler said the approval time depends on how quickly the issuer responds to feedback. Analysts predict that the flow of Ethereum ETFs could reach 20% of Bitcoin ETFs.
▌Bitwise submits revised S-1 filing for its spot Ethereum ETF to the US SEC
Bloomberg analyst James Seyffart said on the X platform that Bitwise has submitted a revised S-1 filing for its spot Ethereum ETF to the US SEC, which will include changes after the SEC's first round of comments. It is not clear whether more rounds of comments are needed, and the cost of the product has not yet been disclosed. The S-1 filing contains some new details, including a description of a $2.5 million seed investment.
The analyst said: "Based on this document, it is impossible to know when these products will be launched. There may not be any additional updates, and adjustments may be required. But they need final approval from the SEC, and the release time depends largely on the SEC. Eric Balchunas and I believe they should be launched before July 4."
▌Nigerian High Court dismisses Binance executive detention lawsuit
The Nigerian High Court dismissed the lawsuit filed by Binance Regional Manager Nadeem Anjarwalla for lack of diligent prosecution. Anjarwalla accused the Nigerian government of violating his fundamental rights when it detained and seized his passport. Anjarwalla's lawyer applied to withdraw his agency so that he could hire a new lawyer. Anjarwalla has now fled to Kenya and failed to appear in court. Nigeria is seeking his extradition. At the same time, Binance's head of financial crime compliance, Tigran Gambaryan, was also detained on similar charges and filed an independent lawsuit against the NSA and EFCC, which is scheduled to open on July 9.
Blockchain Applications
▌Foundation founder's upcoming new social network Rodeo is supported by Farcaster's social graph
Kayvon Tehranian, founder and CEO of NFT market Foundation, posted on social media, "A new social network called Rodeo is being developed. It is designed to be fun, simple and very social. It is currently only available by invitation."
Farcaster co-founder Dan Romero said that the upcoming new social network (Rodeo) is supported by Farcaster's permissionless and decentralized social graph.
▌AO releases "AI on AO" plan and launches on-chain open source large language model
AO ecosystem releases "AI on AO" plan and launches on-chain open source large language model (LLMs), aiming to bring any AI model (not just LLMs) to the chain. Based on Apus Network, using Arweave's permanent on-chain storage, a decentralized, trustless GPU network is built, dedicated to providing reliable, efficient and low-cost computing power for AI training and reasoning. AI data on AO can be uploaded to Arweave's model through ArDrive.
▌Sui developers announce preview of "Walrus" data storage platform
Mysten Labs, the main developer of Sui blockchain, released a developer preview of "Walrus", a new decentralized data storage and data availability (DA) platform. According to the project documentation, "Walrus" provides two main advantages.
▌Polkadot co-founder proposes Plaza system to enhance network scalability
Polkadot co-founder Rob Habermeier proposed the Plaza system chain, which aims to integrate parallel chain functions and enhance network scalability. Plaza will integrate functions such as asset issuance, smart contracts, staking, cross-chain bridging and near-zero fees into one chain to simplify operations for users and developers. Habermeier believes that Plaza will become the center of the Polkadot network, driving the development of the entire ecosystem and heralding a larger expansion in the future. Coinbase and CoinSwitch have launched the "OnChain India" program, intending to use Base to support the Indian chain ecosystem. Coinbase has launched the "OnChain India" program with Levitate Labs and CoinSwitch, intending to use Base to support the Indian chain ecosystem. The program includes enhancing the Indian Web3 startup ecosystem through grants and funds, ecosystem partnerships, and community activities. It is reported that the "OnChain India" plan will include about 50 projects by 2025, mainly including initiatives and activities such as providing funds and grants, such as basic grant programs and cooperative venture capital companies, as well as community activities.
▌io.net and OpSec reach cooperation to jointly develop node deployment proof of concept
The decentralized computing network io.net announced a strategic cooperation with OpSec to strengthen cloud computing services. It is reported that this cooperation aims to combine io.net's decentralized GPU resources with OpSec's innovative cloud infrastructure to simplify and improve cloud operations for developers and enterprises. The two parties will also develop a proof of concept to show how to efficiently deploy OpSec's nodes in io.net's distributed network.
Cryptocurrency
▌HectorDAO filed for Chapter 15 bankruptcy protection due to tens of millions of dollars in losses
The decentralized autonomous organization HectorDAO filed for Chapter 15 bankruptcy protection in the United States due to the collapse of the Terra ecosystem in 2022 and multiple market crashes and financial losses caused by hacker attacks. According to the documents, HectorDAO suffered a loss of $16.4 million and suffered a $2.7 million hack in 2023. This move led to Interpath Advisory being appointed as an expert in bankruptcy management and restructuring to investigate the possibility of internal hacking by former managers. The Chapter 15 bankruptcy filing allows HectorDAO to handle legal matters involving its international investors in the US court system.
▌IBIT's trading volume yesterday was $555 million
According to HODL15Capital monitoring, the US spot Bitcoin ETF yesterday (June 20) data showed that IBIT's trading volume was $555 million, FBTC's trading volume was $205 million, GBTC's trading volume was $199 million, ARKB's trading volume was $83 million, and BITB's trading volume was $65 million.
▌Azuki hires former Hollywood executive Steve Chung as COO
NFT project Azuki announced on Thursday that it has hired veteran entertainment executive Steve Chung as COO. Chung aims to use his expertise in Hollywood and Silicon Valley to expand Azuki's fan base and revenue. The company is looking to expand beyond digital collectibles. Prior to joining Azuki, Chung worked at Fox and served as chief global officer of South Korean entertainment giant CJ ENM Entertainment.
▌FTX victims seek criminal forfeiture of company assets
In the criminal case against former FTX CEO Sam Bankman-Fried (SBF), different groups have made competing claims to some or all of the assets involved. SBF is currently serving a 25-year sentence in federal prison.
In a filing with the U.S. District Court for the Southern District of New York, lawyers representing FTX debtors and the company’s Bahamian entity, FTX Digital Markets, argued that they have “preferred rights” to assets that could be used to satisfy the court’s $11 billion judgment against SBF. The legal team claims that FTX’s aircraft, funds held at Signature Bank, Farmington State Bank, and Silvergate Bank, the sale of Robinhood stock, and political contributions associated with former FTX executives should not be applied to SBF’s judgment, but rather to victims of the defunct exchange.
“The modification of the preliminary forfeiture order to provide for the return of specified property to the debtors and/or FTX Digital will benefit all creditors and stakeholders in the debtors’ Chapter 11 bankruptcy proceedings and FTX Digital’s liquidation in the Bahamas, including victims of SBF’s crimes,” the filing states.
▌JP Morgan Questions Sustainability of $12 Billion Crypto Inflows
JPMorgan analysts raise questions about the sustainability of the $12 billion inflows into crypto assets so far this year. They noted that while much of the money was transferred through spot Bitcoin exchange-traded funds (ETFs), they were skeptical about the sustainability of inflows given the current high price of Bitcoin relative to production costs and gold. Although annualized net inflows could reach $26 billion based on this trend, analysts remain skeptical, consistent with their early misgivings about the approval of spot Bitcoin ETFs to attract new capital into the crypto space. 21Shares co-founder: Lack of collateralization for Ethereum ETFs will not curb strong institutional demand Ophelia Snyder, co-founder of digital asset management firm 21Shares, said institutional investors are unlikely to be concerned that U.S. spot Ether (ETH) exchange-traded funds (ETFs) will not pledge underlying tokens to provide additional returns, despite retail investors' desire for such a built-in feature. This difference in demand means that providers have a potential business reason to list separate, distinct products to meet the needs of both camps.
"If you want to get institutional investors involved, you need to start by making things simple," said Ophelia Snyder. Non-collateralized products are "more acceptable" to institutional investors, even if they are less popular among retail investors."
▌Viewpoint: Bitcoin will usher in mass adoption, mainly thanks to Bitcoin ETF
Tuur Demeester, a Bitcoin research analyst, predicts that Bitcoin will usher in mass adoption due to ETF approval. He believes that this will provide easy access to Bitcoin for the global banked population and is expected to enable institutions to include Bitcoin on their balance sheets.
Demeester emphasized that Bitcoin's prominent position in the global market, especially in the U.S. financial system, has made it a global focus with its well-organized financial products and deep liquidity. He expects Bitcoin to continue to attract adoption by public companies and promote the popularity of Bitcoin around the world. Although he is cautious about the possible short-term impact of global liquidity, he is confident in Bitcoin's long-term prospects.
▌Bitcoin market dominance hits new high since April 2021
According to The Block data, Bitcoin's market dominance soared to 52.92% last weekend, a new high since April 2021. This growth was mainly driven by the approval of spot ETFs, despite the overall market volatility. Bitcoin's market dominance has remained between 44% and 53% over the past year. However, the recent news that the Federal Reserve only expects one interest rate cut in 2024 has caused Bitcoin to fall 5.3% in the past week. In contrast, many small-cap tokens such as FLOKI, STRK, IMX and FIL have fallen by double digits in the past seven days. Despite this, Bitcoin is seen as a lower-risk asset due to its high regulatory recognition and institutional adoption. As the market rebounds, Bitcoin's dominance has begun to decline.
▌Mechanism Capital co-founder: Spot Ethereum ETF may be delayed by 1 to 2 quarters
Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said in a statement that he believes that the launch of the spot Ethereum ETF may be delayed by 1 to 2 quarters.
▌There are at least 40 billionaires in the world who hold BTC
According to HODL15Capital statistics, at least 40 billionaires in the world hold Bitcoin (BTC).
Important Economic Dynamics
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%
According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%, and the probability of a 25 basis point rate cut is 11.4%. The probability that the Fed will keep interest rates unchanged by September is 34.6%, the probability of a cumulative 25 basis point rate cut is 58.5%, and the probability of a cumulative 50 basis point rate cut is 6.9%.
▌Federal Reserve Voters: Rate cuts are needed after the inflation path is further clarified
Richmond Fed President Barkin said the Fed needs to further clarify the inflation path before it can cut interest rates. Barkin, who has a vote on monetary policy this year, said the current policy positioning is good, adding that the Fed has the strength needed to curb inflation. When asked whether the Fed could cut interest rates once and maintain it at that level, Barkin said it depends on economic data. If the current situation continues, now may not be the best time to provide guidance on the timeline for subsequent policy adjustments. "Sometimes we want to provide forward guidance and we do so," he said. "It doesn't seem to me that this is the time. It doesn't feel like the time to issue forward guidance. Let's see where the data takes us."
▌Fed's Goolsbee: If we see more good inflation reports, we can cut interest rates
Fed's Goolsbee said that if we see more good inflation reports, we can cut interest rates; inflation does not need to reach 2% to cut interest rates; the Fed's 2% inflation target is a "sacred oath."
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